"The steps we have taken recently are only the beginning of the process to revive our economy and take it back to its trend growth rate of 8-9 per cent," Singh said at the 85th Annual General Meeting of Ficci here.
Referring to opposition to opening of the retail sector to Referring to opposition to opening of the retail sector to global supermarkets, Singh said: "I am afraid that those who oppose these moves are either ignorant of global realities or are constrained by outdated ideologies. "For example, when I hear the debate on FDI in retail, what I hear are arguments against large scale organised retail, not against FDI in retail". The Centre's decision to open up the retail sector to FDI had attracted widespread criticism, with the debate on the issue being put to vote in Parliament and the government securing a majority. The government also intends to get Parliament's approval for raising FDI cap in the insurance sector to 49 per cent from the current 26 per cent, besides amendment to the banking laws. Referring to inflation which is still high, the Prime Minister said it needs to be brought down to 5-6 per cent.
"The inflation rates in the last two years have also increased to unacceptably high levels and need to be brought down to no more than 5-6 per cent per annum," Singh added.